Office Demand in San Diego Unlikely to Rebound in 2024
RPC Property Tax Advisors
by RPC
1w ago
Low Levels of New Leasing Activity Expected Throughout Year By Joshua Ohl CoStar Analytics January 17, 2024 | 7:31 AM Last year ended much like it began in San Diego, with low office leasing volume. Leasing activity stumbled at the end of 2023 with only 1.2 million square feet of new leases signed during the fourth quarter. Although that metric could rise following some lingering lease deals pending collection by CoStar research, it represented the lowest quarterly leasing volume in 2023 and could match the lowest level since 2020. Market participants expect that 2024 will be much the s ..read more
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Navy Selects Developers for What Would Be Among San Diego’s Largest-Ever Projects
RPC Property Tax Advisors
by RPC
1w ago
Manchester Financial, Edgemoor Infrastructure Tapped To Lead Redevelopment of Former Bomber Factory The U.S. Navy is looking to replace an aging technology research facility in San Diego with new military offices alongside non-military housing and other commercial components. (U.S. Navy, Manchester/Edgemoor) By Lou Hirsh CoStar News January 10, 2024 | 8:05 AM The U.S. Navy selected its development team for a planned mixed-use redevelopment of its massive defense technology research complex in San Diego, considered among the largest redevelopment projects in the city’s history. After a yea ..read more
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Some Real Estate Professionals Say US Office Market May Still Have Room to Fall
RPC Property Tax Advisors
by RPC
1w ago
While Waiting for the ‘Bottom,’ Uncertainty Threatens Broader Consequences Uncertainty over office property demand around the country may affect the broader economy, real estate professionals say. (Getty Images) By Mark Heschmeyer and Katie Burke CoStar News February 19, 2024 | 6:44 P.M. Some commercial real estate professionals say uncertainty surrounding the national office market is unlikely to fade in 2024 as they try to determine when demand will bottom. With a record-high vacancy rate and more unwanted space available for sublease, stakeholders indicate in interviews they ..read more
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Looking To Fill Vacant Spaces, San Francisco Office Owners Lower Downtown Asking Rents
RPC Property Tax Advisors
by RPC
5M ago
Uptick in Reported Office Leasing Requirements Spurs Competition To Attract Tenants By Nigel Hughes CoStar Analytics October 12, 2023 | 1:50 P.M. The owners of office buildings in downtown San Francisco are holding a major sale, in some cases discounting rates to levels not seen in more than 10 years, just as signs of increased interest in office space are starting to emerge. The average asking rent for downtown office space in the third quarter was $46 per square foot, 14% lower than the third quarter last year. That rent level was last seen in 2014, a year that turned out to be the mid ..read more
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Downtown in Distress: Los Angeles Signals Why Nation’s Office Space Headaches Could Last for Years
RPC Property Tax Advisors
by RPC
1y ago
Three Years After Pandemic’s Start, Some LA Towers Face Foreclosure The 52-story, 777 Figueroa St. tower in Los Angeles is one of roughly a handful of larger downtown office spaces facing distress. (CoStar) By Jack Witthaus CoStar NewsMarch 19, 2023 | 1:25 P.M. Keeping a major tenant came at a cost for a high-profile office owner in downtown Los Angeles. Brookfield DTLA Fund Office Trust Investor knew in 2018 that the lease held by a tenant, the law firm Orrick, in its 777 Figueroa St. tower was expiring in 2022 and the future was uncertain, according to a regulatory filing. The landlord ..read more
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Google Parent Prepares To Take $500 Million Hit in Move To Drop Unwanted Office Space
RPC Property Tax Advisors
by RPC
1y ago
Alphabet Says It Aims To “Optimize Global Footprint” in Move To Curb Expenses Google parent company Alphabet Inc. is reducing its real estate footprint, joining other tech giants around the world. (Getty Images) By Katie Burke CoStar NewsFebruary 2, 2023 | 3:19 P.M. Google parent Alphabet Inc. is the latest Silicon Valley tech giant willing to pay hefty costs to shrink its vast real estate footprint. The Mountain View, California-based company said it expects to take a $500 million hit in the first quarter this year to close offices and scrap leases as it ramps up efforts to curb exp ..read more
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Los Angeles ‘Mansion Tax’ Shakes Up Commercial Property Sales
RPC Property Tax Advisors
by RPC
1y ago
Levy on Real Estate Deals Over $5 Million Takes Effect in April The roughly 685-unit Thea at Metropolis in downtown Los Angeles at 1000 W. 8th St. sold for $504 million in November 2022. A $27.2 million transfer tax would have been levied on the seller had it sold after a new measure takes effect in April. (CoStar) By Jack Witthaus CoStar NewsJanuary 30, 2023 | 1:31 P.M. Executives at developer Greenland, which had a 59-story tower up for sale in downtown Los Angeles, began growing concerned when they heard a future major tax loomed for sales of commercial and residential property in the ..read more
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Multifamily Rents Retreat As Supply Overwhelms Tempered Demand
RPC Property Tax Advisors
by RPC
1y ago
Sun Belt Markets That Led Rent Growth Last Year Now See the Fastest Decline Looking at the sequential quarter-over-quarter rent change by market, the sudden change of fortune in Sun Belt locations stands out. The bottom six markets on the list, Orlando, Austin, Las Vegas, Nashville, Raleigh and Phoenix, had all been growth leaders at the start of the year. Markets holding up the best at the end of the third quarter with positive quarter-over-quarter growth are anchored by the slow but steady Midwest and large gateway markets in which supply and demand has remained closer to equilibrium and wi ..read more
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First Remote Working. Now a Looming Recession. What’s Next for Troubled Office Buildings?
RPC Property Tax Advisors
by RPC
1y ago
Although Current Distress Levels Are Low, Office Properties Backed by Nonperforming CMBS Loans May Signal Potential Defaults The office sector is still reeling from the popularity of remote work, which means it will likely be more affected than other property types if a recession were to hit. (Getty Images) By Nancy Muscatello CoStar Advisory Services October 7, 2022 | 8:09 A.M. Persistently higher rates of remote working since the pandemic have plagued the office market, acting as a governor on demand growth and leading to higher vacancies. Now, the declining macroeconomic environment pr ..read more
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Hotelier Sentiments Mixed Around Recovery of Business Travel
RPC Property Tax Advisors
by RPC
1y ago
STR, Tourism Economics Upgrade Projections for Average Daily Rate By Dana Miller, Robert McCune and Terence Baker Hotel News NowAugust 12, 2022 | 6:13 A.M. NASHVILLE, Tennessee — The strength of leisure demand and the return of group demand has been top of mind for hotel executives and analysts during the first day of the Hotel Data Conference. However, the demand discussion seems to come with varying degrees of optimism. Hotel guests, especially leisure guests, continue to pay higher average daily rates in this inflationary environment. But staffing levels remain tight, an ..read more
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